Agent Bill
An agent bill is an invoice or statement that an insurance company sends to an insurance agent, outlining the premiums due for policies sold or serviced by that agent.
Insurance Glossary
Glossary/Encyclopedia of insurance terms. In addition to the brief description of insurance terms, we have also provided detailed explanation of each term. By selecting ‘More Details’ in each term, you can view the detailed explanation of the term with examples.
Aggregate Limit
An aggregate limit is a type of insurance limit that caps the total amount an insurer will pay for all covered losses during a specific period, usually a policy year.
Agreed Value Coverage
A type of insurance coverage where the insurer and the insured agree on a specific value for the insured item at the start of the policy, and in the event of a total loss, the insurer pays that agreed-upon value, regardless of the actual cash value at the time of the loss.
Alien Abduction Insurance
Alien Abduction Insurance is a highly unusual, novelty insurance product that claims to provide financial protection in the event someone is abducted by extraterrestrials (aliens). While it is not a mainstream insurance product, and often viewed more as novelty or fringe coverage, it has been offered to the public — illustrating how broad the risk-coverage universe can sometimes go.
All Risk Insurance
All risk insurance, also known as comprehensive coverage or open perils insurance, is a type of insurance that covers a broad range of risks or perils, except for those specifically excluded in the policy.
Allied Lines
In the insurance industry, allied lines refer to coverages that are typically offered in conjunction with property insurance policies, complementing the core protections of the main policy.
Annual Deductible
An annual deductible is the amount of money you pay out-of-pocket for covered healthcare services before your insurance plan starts to pay.
Annual Out-of-Pocket Maximum
The most you have to pay for covered services in a plan year.
Annuity
A contract between an individual and an insurance company where the individual makes a lump-sum payment or a series of payments and, in return, receives a stream of income for a specified period or for life.
Arson
Arson is the unlawful act of intentionally setting fire to property.
Assigned Risk
An assigned risk plan, also known as a residual market plan or high-risk pool, is a system designed to provide insurance coverage to individuals or businesses who are unable to obtain it in the standard insurance market due to their high-risk profiles.
Assignee
In insurance, an assignee is the person or entity to whom rights or interests in an insurance policy are transferred.
